S&P 500 and Nasdaq futures sank to one-month lows on Tuesday, as U.S. ​traders returned from a long weekend to witness a rout in global markets after President Donald Trump renewed his tariff ⁠threats against Europe over control of Greenland.

In a sign of global risk aversion, gold prices touched record highs, stocks across ⁠the world ‌slid and U.S. Treasuries were sold off. U.S. markets were closed on Monday for Martin Luther King Jr. Day.

Trump said on Saturday additional 10% import tariffs would take effect on February ⁠1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain — all already subject to tariffs imposed by the U.S.

The tariffs would increase to 25% on June 1 and would continue until a deal was reached for the U.S. to purchase Greenland, Trump wrote in a post ⁠on Truth Social. Leaders of Greenland, an ​autonomous territory of Denmark, and Denmark have insisted the island is not for sale.

"Investors will be hoping for some sort of ‍de-escalation deal on Greenland which removes the risk of a break-up or at least serious rupture in the NATO alliance. If the crisis deepens ​it is unlikely to spell good news for global equities," said Russ Mould, investment director at AJ Bell.

The CBOE Volatility index, also known as Wall Street's fear gauge, touched a two-month high at 20.61 points.

At 5:32 a.m. ET, S&P 500 e-minis were down 112 points, or 1.61%. Nasdaq 100 E-minis fell 505.25 points, or 1.97% and Dow e-minis dropped 728 points, or 1.47%.

In a busy week for data releases including third-quarter U.S. GDP reading and January PMIs, traders will also focus on quarterly earnings reports, speeches from world leaders at Davos and a potential Supreme Court ruling on Trump's tariffs.

Among stocks, RAPT Therapeutics soared 63.5% in premarket trading after ⁠Britain's GSK agreed to buy the U.S. firm for $2.2 billion, adding ‌global rights to the experimental food allergy drug ozureprubart to its respiratory and immunology portfolio.

U.S.-listed shares of precious metal miners such as Hecla Mining and Endeavour Silver jumped 6.3% and 4.8%, respectively, as gold prices soared past $4,700 ‌per ounce for the ⁠first time and silver hovered below record highs.

Netflix, which is expected to report results after markets close on Tuesday, ⁠inched up 0.6%.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Krishna Chandra Eluri)